Fuel prices expected to get costlier this week as Oil tests 13-year high of $139 per barrel

8 Mar 2022 , 10:46 AM

Petrol and diesel prices are expected to get costlier this week across India driven by crude oil prices skyrocketed to their highest in almost a decade on global benchmark amid geopolitical tensions. Also, the oil companies plans to start raising fuel prices gradually as the state polls ended on Monday.

“The oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of $139 per barrel”, said media report.

Also, the Indian rupee tumbled to a record low of 76.9812 per dollar on Monday. According to some media reports, Petrol and diesel prices are likely to be increased by Rs15 a litre next week for fuel retailers to break even.

Today, the fuel prices have remained unchanged in metro cities Delhi, Mumbai, and Kolkata while there is a slight change in Chennai prices.

In Mumbai, the price of petrol is Rs109.98 a litre after a cut on November 4, which remains unchanged. Diesel is at Rs94.14 a litre. Petrol in Delhi costs Rs95.41 while diesel costs Rs86.67 per litre. In Kolkata, petrol and diesel prices remained unchanged at Rs104.67 and Rs89.79.

In Chennai, petrol now costs Rs101.51 and diesel is sold at Rs91.53 a litre.

Notably, fuel prices have not been raised since November 4 in India, when the Central and State Governments cut taxes to give relief after oil breached the $83 per barrel mark.